"Com2uS’s New Game Delivers Initial Revenue Above Estimates"...Target Price Raised

[Financial News] KIWOOM Securities raised its target price for Com2uS from 47,000 won to 50,000 won, saying its new game 'Zeus: God of Insolence' is generating initial revenue above previous estimates. The brokerage maintained its Buy rating.
On the 2nd, KIWOOM Securities analyst Kim Jin-gu explained that the target price represents the current value based on this year, applying a target price-to-earnings ratio (PER) of 12.5 times and a 10% discount rate to next year’s 53.3 billion won in controlling-shareholder profit.
Kim said, "We normalized and incorporated into our estimates the average daily revenue for the third and fourth quarters of 1.5 billion won, as well as average daily revenue of 960 million won and 470 million won for this year and 2027, respectively, from the initial quarterly revenue of the flagship new game 'Zeus: God of Insolence.'" He added, "From a medium-term business-model perspective, however, it is somewhat difficult to assess the game as having a mild trajectory that meets our initial expectations, including issues such as player-versus-player (PvP) balance."
He added, "Accordingly, the game’s daily revenue in the third and fourth quarters increased by 100% from our previous estimate, but the increase narrowed for daily revenue in 2026 and 2027, which rose by 56% and 11%, respectively, from the previous estimates."
He stated, "The game is showing initial revenue performance above our previous estimates, as its early monetization model is combined with top-tier graphics quality in the competitive MMORPG genre." He continued, "Going forward, the sustainability of user traffic and revenue will be tested by how substantially the game reflects its monetization approach and support for low- and mid-spending users."
[email protected] Kim Jin-gu Reporter